The Queensland Resources Council (QRC) today welcomed the State Government's decision to approve an $82 million extension to the Isaac Plains metallurgical coal mine near Moranbah, calling it a huge vote of confidence in Queensland's high quality coking coal industry.
QRC Chief Executive Ian Macfarlane said metallurgical coal prices were currently at record highs due to a surge in world steel production.
According to the latest Resources and Energy Quarterly report, the value of Australian metallurgical coal exports is forecast to reach almost $32 billion by 2022-23.
Volume-wise, exports of metallurgical coal are expected to increase from 171 million tonnes to 186 million tonnes by 2022-23 due to increased demand from rapidly modernising South-East Asian economies.
Mr Macfarlane said mine owner Stanmore Resources' plans to expand output from its Isaac Plains complex was great news for every Queenslander, with its new open cut mine project expected to contribute $200 million in royalties to the state budget over its 10-year life span.
"Mining royalties help pay for the essential government services that every Queenslander needs and benefits from," he said.
"That's why it's been so essential for the resources sector to keep working, earning and employing its way through the Covid-19 pandemic, because so many jobs and businesses rely on resources companies for their income.
"We take this responsibility very seriously, which is why our companies have gone above and beyond to follow Queensland Health protocols so we can continue to keep our workforce and the communities in which they live and work safe."
Mr Macfarlane said the injection of 250 new construction jobs at Isaac Plains, plus ongoing work for 300 workers currently employed at the site and new supply chain opportunities, will stimulate growth in Central Queensland, which will flow through to the state economy.
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Resources and Energy Quarterly report.
